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The <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Thursday dismissed <keyword id="7030554" type="General" weightage="80" keywordseo="review-petitions" source="Orion">review petitions</keyword> filed on behalf of Cyrus Investments Pvt. Ltd. and Sterling Investments Pvt. Ltd. seeking review of the apex court's March 2021 judgment upholding <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata group</keyword>'s decision to remove Cyrus <keyword id="6391150" type="General" weightage="80" keywordseo="mistry" source="Orion">Mistry</keyword> as executive Chairman of <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword> Sons. A bench headed by Chief Justice N.V. Ramana dismissed the review petitions. In a separate application for expunging remarks, the top court agreed to expunge certain remarks made against Mistry, but has also directed that certain offensive paragraphs directed against the court made in the application for expunction be deleted/withdrawn. In February this year, the top court had agreed to hear review petitions filed by Cyrus Investments and Sterling Investments against the apex court verdict, where it accepted all contentions of the Tata conglomerate and set aside the order of the NCLAT, which restored Cyrus Mistry as the executive chairman of the Tata conglomerate. In March last year, a bench headed by then Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court also upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016. In February this year, a bench headed by Chief Justice N.V. Ramana and comprising Justices A.S. Bopanna and V. Ramasubramanian considered the review petition filed by Mistry. Justice Ramasubramanian dissented. The top court, in its February 15 order, said: "Applications seeking exemption from filing affidavits are allowed. Applications seeking oral hearing of the Review Petitions are allowed. List the Review Petitions on Wednesday, the 9th March, 2022." Justice Ramasubramanian, in his dissenting opinion, said: "With utmost respect, I regret my inability to agree with the order. I have carefully gone through the Review Petitions and I do not find any valid ground to review the judgment. The grounds raised in the Review Petitions do not fall within the parameters of a review and hence the applications seeking oral hearing deserve to be dismissed." In the verdict passed on March 26 last year, the top court said: "We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed." It also said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value. In December 2019, the National Company Law Appellate Tribunal (NCLAT) had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal. Senior advocates Harish N. Salve and A.M. Singhvi, appeared for Tata, assisted by a team from Karanjawala &amp; Co. advocates led by advocate Ruby Singh Ahuja. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-russia-has-no-money-to-pay-salaries-to-its-100-employees-heads-for-bankruptcy/articleshow/91658749.cms">Google Russia has no money to pay salaries to its 100 employees, heads for bankruptcy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/late-comic-book-legend-stan-lee-set-to-live-again-in-movies-as-marvel-studios-signs-20-year-deal/articleshow/91655455.cms">Late comic book legend Stan Lee set to live again in movies as Marvel Studios signs 20-year deal</a>

Supreme Court dismisses review petitions filed by Cyrus Investments in Tata vs Cyrus Mistry

It is rare in India that employees earn more than the promoter, but there are few cases where it happens for real. 
 
For instance, <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Group&amp;sortorder=effectivedate">Tata group’s</a> two employees earn more than <a href="http://www.businessinsider.in/searchresult.cms?query=cyrus+mistry&amp;sortorder=effectivedate">Cyrus Mistry</a>. As per regulatory filings, <a href="http://www.businessinsider.in/searchresult.cms?query=TCS&amp;sortorder=effectivedate">Tata Consulting Services</a> Chief Executive N Chandrasekaran was paid Rs 21.28 crore, compared with Mistry’s Rs 16.25 crore in FY15. 
 
READ ALSO: <a href="http://www.businessinsider.in/Meetthe-children-of-Indias-richest-businessmen/articleshow/50927055.cms">Meet the children of India’s richest businessmen</a> 
 
Likewise, Rakesh Sarna, who joined Tata’s hospitality chain as MD and CEO, received a salary of Rs 18.4 crore in September 2014. As Sarna joined mid-year, he earned only Rs 6.17 crore in fiscal 2015. 
 Meanwhile, Pawan Goenka, who was elevated to executive director in <keyword id="6355744" type="CITY" weightage="20" keywordseo="Mahindra-Group">Mahindra group</keyword> in September 2013, earned Rs 10.37 crore, or 73% more than <a href="http://www.businessinsider.in/searchresult.cms?query=anand+mahindra&amp;sortorder=effectivedate">Anand Mahindra</a> in FY15. 
 
Vivek Gambhir, MD of Godrej Consumer, received Rs 12.88 crore as salary, as much as chairman <a href="http://www.businessinsider.in/searchresult.cms?query=Adi+Godrej&amp;sortorder=effectivedate">Adi Godrej</a> ( Rs 13.18 crore). 
 
(Image: Indiatimes)

Here are 2 Tata group top executives who earn more than Cyrus Mistry

Four months before <keyword id="6356895" type="PERSON" weightage="20" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> was fired, the remuneration committee of the <keyword id="617644" type="ORGANIZATION" weightage="100" keywordseo="Tata-Sons-Board">Tata Sons board</keyword> lauded Cyrus Mistry’s performance and also recommended a salary hike. 
 “The committee reviewed Mistry’s performance and recorded its recognition of his significant contribution across group companies. The company also appreciated Mistry’s multifaceted initiatives aimed at preserving and promoting cohesive functioning of the group in accordance with its distinctive values,” a source told ET, adding “the committee then agreed to recommend the board of <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> an increase in Mistry’s basic salary and commission.” 
 
This comes as a surprise as the Tata Sons board has maintained it removed Mistry over his non-performance and deviation from Tatas ethos. The Tata Sons board members have also accused Mistry of taking wrong decisions in the past, which had put the group in a tight spot. 
 
Meanwhile, ET quoted sources as saying the group’s board was offering a bigger increment to Mistry but he insisted that his salary shouldn’t exceed the 6% offered to his top team, the Group Executive Team. 
 The Tata Sons directors on the nomination panel are Ronen Sen, the chairman of the committee and independent director, Vijay Singh, the nominee director representing <keyword id="6383155" type="UNKNOWN" weightage="20" keywordseo="Tata-Trusts">Tata Trusts</keyword>, and Farida Khambata, independent director. 
 
Sources told ET that during a meeting held on June 28, Sen said that Mistry, if judged on his past experience garned from site visit, he not only earned the respect of CEOs and senior management but also operational personnel. 
 "The board in its collective wisdom decided that it may be appropriate to consider a change for the long term interests of Tata Sons and the <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword>," group spokesperson <keyword id="269793" type="PERSON" weightage="20" keywordseo="Debasis-Ray">Debasis Ray</keyword> told ET. 
 
"Although over a week has passed, the board of directors of Tata Sons is not forthcoming as to why Mr Mistry was unceremoniously treated this way without regard to any values. One lone trustee of Tata Trusts has suggested his removal was for non-performance. If at all this ostensible reason is to be believed, and then the directors who were part of the committee who voted in favour of his removal clearly failed to apply their mind independently and discharge their fiduciary duty," a person close to Mistry told ET. 
(image: Indiatimes)

Mistry’s performance was lauded by Tata Sons Board’s remuneration panel-reports

Every year, since <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> became the Chairman of <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword> in December 2012, he has held an annual meeting on 29th July, in which he talks with his top management of all the 100-plus group companies. The aim of this meeting is to plan a strategy for the coming year and if sources are to be believed, this time the agenda would be to discuss the changes in work culture and its prominent role in the organisation. 
 
A select few employees from across the several group companies have been asked to study the group’s work culture so that they can suggest changes needed which would help them keep pace with the changing times and business environment. 
 
"A group-wide diagnostic culture study is being undertaken in which most leading Tata companies are participating. The purpose of the study is to understand the culture as perceived, experienced and felt by our people across the organisational hierarchy," said NS Rajan, group chief human resource officer at Tata Sons. "This would help us to reinforce our understandings of the facets that define us, who we are and what we aspire to be." 
 
In the meeting, the kind of leadership required and the salary structures to attract the best talent will be discussed as a part of the work culture, on the sideline of the aim to become $350 billion business group by 2025. 
 
This kind of exercise to discuss work culture is happening for the first time, which is why selected companies have already started doing their homework about it. 
 
It was last year that the group had rolled out a series of initiatives to develop its leadership pipeline, in collaboration with global consulting firm EY. Looks like this year, it’s going to be more about how they can retain their top management. 
 
<a href="http://assets.bwbx.io/images/users/iqjWHBFdfxIU/icBPbrwzJF44/v1/1200x-1.jpg">Image source</a>

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Supreme Court dismisses review petitions filed by Cyrus Investments in Tata vs Cyrus Mistry

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Mistry’s performance was lauded by Tata Sons Board’s remuneration panel-reports

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